Just listened to Saylor’s latest podcast with Scott Melker where he is pitching his fixed income instruments. Here is my Saylor like analogy of what he is doing and why it’s an attack on Bitcoin. Hope it resonates. Imagine a vast ocean where Bitcoin is the purest source of fresh water, requiring effort and risk to extract (volatility). If a bad actor builds a massive industrial plant on the coast that draws trillions of gallons of this water, filters it, mixes it with extremely potent energy drinks (the high yield and tax efficiency), and sells the packaged, labeled product through established supermarket chains (NASDAQ, S&P, Robinhood), the consumer gets instant satisfaction. However, the original motivation for seeking the untouched spring—its purity, decentralization, and ultimate scarcity—is lost, and the flow of capital that would have normally moved inland to the pure source is instead permanently diverted to the centralized, high-yield factory.

IPO moment sounds plausible but for someone who has been obsessed with Bitcoin since 2017, The narrative has recently done a 180 degree turn. We went from not your keys not your coins to let someone else buy and hold the Bitcoin so you can get a steady yield. We went from stacking sats to treasury company’s are an amplified version of Bitcoin. I don’t think it’s an IPO moment, I think it’s a “we lost the narrative” moment.